Hello all.
Please excuse my ignorence. I’m from New Zealand, that may sound strange!
I live and work in Japan and am able to borrow at 1.2%. I would like to purchase a house to start with in either Australia or New Zealand. But I need 25% down payment which I don’t have. What are my options? I do have a financial advisor but she advised me to hold my horses and wait until I have the 25%.
What to do!!
Howdy Mat:
All you here these days is to think outside the box. This translates into be creative. The box says find house apply for 75% loan and put down 25% cash. I would say ba humbug. Finding sellers who need to sell is the key to getting a good discount on the price and or terms on the purchase. The seller is the best source for all or most of your downpayment. There are other sources to borrow from as well.
Also here in the states a buyer can borrow more than 75% LTV even on investment property. I would talk to other lenders too and get several different programs outlined. You may have to pay a bit higher rate for higher LTV but worth every penny.